RMG 200 Study Guide - Final Guide: Stock Keeping Unit, Merchandising, Discount Store

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Brent Bar

Document Summary

* key to failure trying to please everyone. Retailing: set of business activities that adds value to the products and services sold to consumers for their personal/family use. Retailer: business that sells products and services to consumers for their personal or family use. Having the right merchandise, at the right price, at the right place, in the right quantities at the time. Distribution channel: set of firms that facilitate the movement of products from the point of production to the point of sale to the ultimate consumer. Vertical integration: example of diversification by retailers involving investments by retailers in wholesaling or manufacturing merchandise. Backward integration: when a retailer performs some distribution and manufacturing activities such as operating warehousing or designing private label merchandise. Forward integration: when a manufacturer undertakes retailing activities. Providing an assortment of products and services. Breaking bulk: function performed by retailers or wholesalers in which they receive large quantities of merchandise.